Federal Member for Groom

Media Releases

LABOR’S RETIREE TAX TO HIT TOOWOOMBA & DARLING DOWNS

Retirees in the Groom electorate stand to lose thousands of dollars from their nest egg every year under Labor’s retiree tax, Federal Member for Groom John McVeigh warned today.

“In the Groom electorate there are more than 6,200 people whose hard earned savings will be raided by Labor through its retiree tax,” Dr John McVeigh said.

“Of those adversely impacted, on average, individuals lose $2,200 a year and self-managed super funds lose $12,000 a year. For many, the losses will be much higher.

“This is a disgraceful cash-grab by Labor from those who have done the right thing, grown their nest egg and planned to provide for their own retirement.”

According to Australian Taxation Office data, more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds will be hit by Labor’s tax.

“Like all Australians, the people of the Groom electorate deserve a Government that encourages personal responsibility, rewards hard work and allows them to keep more of what they earn,” he said.

“Labor’s retiree tax attacks and undermines these values, ripping over $45 billion out of retirement savings. This is part of Labor’s plan for more than $200 billion in additional taxes to people’s homes, incomes, business and savings.

“In contrast, the Coalition Government will protect the hard earned savings of the people in the region and all Australians.”